MGM Resorts International (NYSE:MGM) Shares Gap Up Following Strong Earnings

MGM Resorts International (NYSE:MGM - Get Free Report)'s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $34.37, but opened at $38.55. MGM Resorts International shares last traded at $39.46, with a volume of 3,833,370 shares traded.

The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%.

Analyst Ratings Changes

MGM has been the subject of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a "buy" rating in a report on Thursday. Mizuho boosted their price objective on MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday. Susquehanna Bancshares boosted their price objective on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. JMP Securities reissued a "market outperform" rating and issued a $50.00 price target on shares of MGM Resorts International in a report on Thursday. Finally, Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target for the company in a report on Friday. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.47.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds have recently modified their holdings of the business. CWM LLC raised its stake in shares of MGM Resorts International by 8.4% in the 3rd quarter. CWM LLC now owns 10,984 shares of the company's stock valued at $429,000 after acquiring an additional 854 shares during the period. Creative Planning lifted its stake in MGM Resorts International by 8.4% during the third quarter. Creative Planning now owns 77,682 shares of the company's stock worth $3,037,000 after purchasing an additional 6,040 shares in the last quarter. Vontobel Holding Ltd. boosted its position in shares of MGM Resorts International by 37.9% during the third quarter. Vontobel Holding Ltd. now owns 20,426 shares of the company's stock worth $798,000 after buying an additional 5,611 shares during the period. V Square Quantitative Management LLC grew its stake in shares of MGM Resorts International by 31.0% in the third quarter. V Square Quantitative Management LLC now owns 6,939 shares of the company's stock valued at $271,000 after buying an additional 1,643 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of MGM Resorts International by 120.6% in the 3rd quarter. Blue Trust Inc. now owns 1,348 shares of the company's stock valued at $53,000 after buying an additional 737 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 1.4 %

The company has a 50 day moving average of $34.38 and a 200-day moving average of $36.73. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 2.94 and a beta of 2.20. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.